How to File Income Tax Return after Due Date?

Incometaxindiaefiling.gov.in – Filing Income Tax return on time is every individual’s responsibility. Filing ITR after the due date can cause many repercussions to the tax payer even if there is pending liability. One cannot file revised returns. The awareness about IT returns and deadlines has increased but still there are a few people who have missed it due to any reason. If you are one of them, please do not worry. One may file Income Tax Return if he has missed the due date and it is known as Belated Tax Return.

Can We file Late Income Tax Return

This year, there is 24% rise in number of income tax return filing. Last year there were 2.27cr ITR form filed, while this year total of 2.82cr ITR has been filed till 5th August,2017. Income Tax Return can be filed after the due date as well. It can be filed before the end of the assessment year. One has to fill it within the end of the financial year.

For example: If you need to fill the return of the financial year 2015-16, the assessment year will be 2016-2017. That means the belated Income Tax return can be filed till 31st March 2017. In the same way, if you want to file the return of year 2016-2017, its assessment year will be 2017-2018 and Belated Income Tax Return can be filed on or before 31st March 2018. This is how it works.

Difference between the two returns:

If you are filing your return in time, it is filed under section 139(1) whereas belated return is filed under section 139 (4) of the constitution. This is the only major difference between the two returns.

Though there can be a few disadvantages of filing your ITR after the due date, yet belated return can save you from the harm of not filing the return.

The procedure of filing both the returns is almost same. Just log in to the IT return’s website with your e-filing account, select the particular ITR form and assessment year and proceed.

Remember to look for a few points while filing for your return:

The last date of filing return of assessment year is 31st March 2018.

You need to fill a form while filing for the belated Income Tax Return during the assessment year. It majorly depends upon your source of income. The Income Tax Department notifies new ITR form for every year.

You need not worry if you have paid the tax amount. If in case tax amount is pending, one needs to pay a penal interest of 1% per month on the amount. No penal interest is needed to pay if no taxable amount is required.

You can avoid this penal interest amount by paying the tax before due date and filing the ITR later.

Step by step procedure to File Late Filing Income Tax Return

You can either fill the ITR online or download its java version and upload it later after filing. Individual tax payers can follow this method.

Step 2: The site will ask for a few particular details like User ID, pan number, aadhar number etc. Fill the required details and Submit.

Step 3: Click on e-file tab and select ‘Prepare and submit ITR’

Step 4: Be careful while selecting relevant form and assessment year because you are filing an expiry date return.

Step 5: After filling all the details you will be redirected to the ITR page.

Points to remember:

File the return under section 134 (4).

Check all the information before you punch the page.

You will be notified via an SMS when ITR department will process your information.

Do you want to check your Pan Card status? You must check pan card status as latest Income tax department has rejected 11 lakh pan cards. For more updates and latest information on government or income tax department, do check our blog.